As of 2017, the average investment in Blockchain projects is $1 Million USD. As the technology is expected to have a market worth of over $20 Billion USD by 2024, it’s beneficial as a developer to consider entering the world of crypto.
If you’re unfamiliar with this technology, just take a look at the 2017 culture craze that surrounded Bitcoin. Why were so many people pouring millions of dollars into it? Why were banks, one of the most trusted currency handlers, worried of their replacement?
The reason is that Bitcoin, like many other cryptocurrencies (eg. Ethereum, Litecoin), is built on an extremely secure and reliable technological system called the blockchain, or “decentralized network”. The specifics in logistics behind this network structure is too complex to explain in a little blog post; however, in short, you can think of it like this:
Imagine you, Sally, and Walter decided to start a new life on a remote island. Naturally, after many arguments over who does what around the island, you all decided to establish a currency system to handle the exchange of goods and services. Conveniently, there’s a gold deposit just a little way down the island so you all decide to mine, develop, and give 5 gold coins to each person for a total of 15 gold coins in circulation.
But hold on a second. Before you start to trade coins with each other, you realize that you don’t really trust that Walter guy too much. You’ve witnessed his immaculate craftsmanship in the past, which means that he could very easily forge his own fake coins without anyone knowing. You being the smart Blockchain enthusiast, decide to implement what’s called a ledger.
This is the crux of the decentralized network that gets its hype. A ledger can be visualized as a piece of paper with everyone’s name on it and how many coins they should have in their account. Everyone gets a copy of the ledger so if Walter wants to say he has 100 gold coins, all you have to do is check your ledger to see if the transaction was legit.
Of course, there are many more details to explain, and there are certainly no shortage of resources to fill you in if you’re interested, but the key importance to blockchain is its security and reliability in infrastructure.
If people are considering adopting Bitcoin as their new means of currency, then it just goes to show how much faith people are putting into the strength of the blockchain network.Now, to take advantage of the booming Blockchain market, you may want to consider incorporating PubNub into your crypto projects. As Blockchain’s decentralized network thrives on the global interconnectivity we have by our internet devices, companies such as Cryptotronix and IBM have been pushing the field of IoT to the forefront of Blockchain. PubNub, one of the leaders in this IoT frontier, offers a crucial marriage between device and Blockchain that will only become more essential as the crypto world expands and develops.
How PubNub Enhances the Blockchain User Experience
This means that you can have realtime access and processing to your Ethereum smart Contracts. From data sorting algorithms to outputting data to your client UIs, the applications are endless and with PubNub’s scalability, you can expand your Ethereum projects to connect millions of clients and devices to your contracts.
Additionally, since Functions is cloud-based, you can enable limited-storage IoT devices to access all of the data extractions we have to offer by making a simple HTTP request to your function. Supplementing this with any variety of our APIs allows you to get the most bang for your buck when working with millions of devices.
You can check out the tutorial below to see what a scenario using PubNub Functions with Ethereum looks like, OR you can click the link below to skip to the implementation of PubNub Functions with the Blockchain.
PubNub Functions + Ethereum Blockchain
Let’s illustrate a quick and simple example of how one would use PubNub to interact and pull data from a Blockchain network. This tutorial will be fairly extensive to accommodate those who are yet familiar with this technology. Our goal is to create a simple company timesheet that allows workers to map the amount of hours they worked to their employee ID for everyone to see.
We will use PubNub Functions solely allow company members to collect this info in realtime. The demo is structured like so:
Ready for the steps?
Get it done: